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Dollar’s Climb Stalls Amid Mixed Economic Signals

 The WSJ Dollar Index, which measures the greenback in opposition to a basket of sixteen currencies, is round 2% off its May height and fell 1.1% closing month. That decline broke a regular march that added the greenback to multidecade highs. 

The index rose 0.6% closing week, breaking a two-week dropping streak. Behind the slip has been a diffused shift withinside the financial landscape.

According to latest financial reports, American purchasers are nevertheless spending cash at a speedy tempo, whilst employers preserve including jobs, extending the developments that had helped elevate the greenback over the last one year or so. Yet there were symptoms and symptoms of weak spot elsewhere. 

Wage boom has moderated from closing year, and purchasers were Dollar’s Climb Stalls Amid Mixed Economic Signals

capable of preserve their spending simplest with the aid of using dipping into savings. 

The U.S. carrier sector, which incorporates eating place eating and travel, slowed its tempo of enlargement in May, and income of latest houses in April published their largest drop in 9 years. 

Overall, the facts has clouded a few asset managers` outlook of the U.S. economic system. They are actually cautious that the Federal Reserve would possibly should gradual the tempo of predicted hobby-fee will increase. That is probably welcomed with the aid of using inventory traders, who’re acutely privy to the dangers that growing charges pose for tremendously valued shares, however its which means could be murkier in foreign money markets.

Investors usually purchase currencies connected to international locations in which valuable banks are elevating hobby charges to rein in a warm economic system. Investors assume the Fed to raise charges with the aid of using a complete of a percent factor in June and July, however what’s going to observe is tougher to determine. As a result, buyers now contend that the greenback is extra touchy than typical to financial releases at the horizon. 

The muddied outlook represents a shift in markets, after traders’ wager that a speedy tempo of fee will increase could pressure the greenback better at some point of the year. 

Many predicted a sturdy greenback to harm U.S. multinationals, with the aid of using making their merchandise extra highly-priced for foreigners, with groups inclusive of Microsoft Corp. noting a sturdy greenback`s hit on sales in latest reports. 

JPMorgan analysts say the greenback`s upward push is hurting the U.S. production sector, that’s slowing hiring to catch up on fewer exports.

In the coming week, investors will scrutinize data on the American consumer and Friday`s inflation numbers for clues regarding the state of the economy and the trajectory of the stock market. Lower inflation numbers could ease pressure on stocks and hit the dollar more, presaging a more gradual approach from the Fed. 

The Bank of England sparked sharp declines in the pound by signaling caution when it raised rates in May. Investors are now watching U.S. data for signs of similar slowing. Last week, the Labor Department reported that the economy added 390,000 jobs in May—above the 328,000 expected by economists. Still, the unemployment rate did not drop to 3.5% as expected, but remained at 3.6%. The average hourly wage increased by 0.3% month-on-month, below the consensus forecast of 0.4%. The foreign exchange market was the most volatile in more than a decade after the $ 4,444 appreciation depreciated other currencies and central banks around the world curbed inflation. Due to the recent decline in the WSJ dollar index, this year’s profits have fallen to about 6%.

In particular, investors are looking to monitor the housing market and assess the impact of more severe credit conditions. There are signs that the US market is chilling as rising mortgage rates increase the cost of owning a home. 

According to Freddie Mac, the average interest rate on fixed-rate mortgages for 30 years was 5.09% last week, up from 3.1% at the beginning of the year. Stock market volatility affected investment accounts. Higher energy costs can curb personal consumption, hinder growth and hurt the dollar. Andrzej Skiba, Head of BlueBay U.S. The RBC Global Asset Management fixed income team is short of dollars and expects to fall against other currencies. But he believes that recent concerns about the recession are overkill and will buy a downturn.

(Source: https: //www.wsj.com/)

DISCLAIMER for General Advice: (This document is for general advice only).

This document is provided by Laverne Securities Pty Ltd T/as Laverne Investing. Laverne Securities Pty Ltd, CAR 001269781 of Laverne Capital Pty Ltd AFSL No. 482937.

The material in this document may contain general advice or recommendations which, while believed to be accurate at the time of publication, are not appropriate for all persons or accounts. This document does not purport to contain all the information that a prospective investor may require.  The material contained in this document does not take into consideration an investor’s objectives, financial situation or needs. Before acting on the advice, investors should consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation, and needs. The material contained in this document is for sales purposes. The material contained in this document is for information purposes only and is not an offer, solicitation or recommendation with respect to the subscription for, purchase or sale of securities or financial products and neither or anything in it shall form the basis of any contract or commitment. This document should not be regarded by recipients as a substitute for the exercise of their own judgment and recipients should seek independent advice.

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Although every attempt has been made to verify the accuracy of the information contained in the document, liability for any errors or omissions (except any statutory liability which cannot be excluded) is specifically excluded by Laverne and Banyan Tree, its associates, officers, directors, employees, and agents.  Except for any liability which cannot be excluded, Laverne and Banyan Tree, its directors, employees and agents accept no liability or responsibility for any loss or damage of any kind, direct or indirect, arising out of the use of all or any part of this material.  Recipients of this document agree in advance that Laverne and Banyan Tree are not liable to recipients in any matters whatsoever otherwise; recipients should disregard, destroy or delete this document. All information is correct at the time of publication. Laverne and Banyan Tree do not guarantee reliability and accuracy of the material contained in this document and are not liable for any unintentional errors in the document.

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Reserve Bank of Australia hikes Cash Rate by a jumbo 50 basis point to 0.85 per cent

Governor Philip Lowe announced a second major hike in five weeks as the RBA continues to pull the country away from the suspension of emergency lending that has nurtured the economy during the pandemic on Tuesday.

The RBA was widely expected to announce its first consecutive rise in 12 years to ease inflationary pressures pushing up food, fuel and electricity costs. 

The only question left was how hard the Governor  Dr Lowe and his board were ready, and economists’ expectations fluctuated primarily between 25 or 40 basis point rises. 

Some had expected a 50 basis point increase, but the largest single interest rate increase since 2000 was still a surprise. 

The Australian stock market fell 1.7% in the news, but the Australian dollar temporarily soared to US $ 72.20. 

In his monthly statement, Dr. Lowe acknowledged inflation concerns as a factor behind the rate hike, but also cited a strong Australian economy, a strong labor market and a recovery in business investment as positive reasons. 

“Resilience of the economy and higher inflation mean that this special support is no longer needed.” 

He acknowledged that rising electricity and gas prices and recent rising gasoline prices mean that inflation could be higher in the short term than expected a month ago. 

“But today’s rise in interest rates will help inflation return to its target over time.” He said it shows that he is planning with a focus on returning to the goal. The extent and content of the employment market recovery to maintain higher interest rates. 

“They have identified slower growth in household consumption due to faster inflation and higher interest rates as the main risk of the outlook. 

Faster rate hikes contribute to this downside risk,” Langcake said. 

The RBA Board is in a delicate balance and needs to act fast enough to curb inflation without choking the economy. 

Last month, during the federal campaign, it rose from 0.1% to 0.35% and implemented its first-rate hike in more than 11 years. The shift was stronger than expected and Martin Place stepped on the gas again.

The move on Tuesday will continue what is expected to be a long cycle of rate hikes in the coming months, pushing up consumer prices while also pushing up mortgage costs. 

Many also expect borrowers to pass on some of this stress to their tenants. 

“The monthly repayment increase this month is relatively modest, but homeowners need to prepare for a significant increase in the coming months,” said Sally, Research Director at RateCity.com.au. 

Tindal says. “These rate hikes will not magically cure Australia’s inflation problem. 

The RBA will probably need to rise again next month, from which the RBA will continue to be tight and tight to curb inflation. It could rise sharply. 

Improvements in living expenses have been at the heart of Australia’s political situation for months, and Finance Secretary Jim Chalmers warned on Tuesday that the situation was “deteriorating before it got better.” did. 

“It doesn’t make sense to chop up words about it,” Chalmers said. 

“Our work as a government will be replaced by responsible long-term and sustainable living expenses relief in areas such as health care and childcare after some of this short-term living expenses have expired. Dr. Rowe says that the cause of uncertainty about the economic outlook is household spending and how it is maintained. 

The decline in recent months has been declining, but remains more than 25% higher than pre-pandemic levels, supporting household wealth and spending. Dr. Lowe. 

“The central scenario is strong household growth, but for this year’s old consumption, the Board pays close attention to these various implications for consumption when assessing the direction of appropriate monetary policy. 

Uncertainty continues with Covid 19 as well, especially in China.

(Source: https://www.news.com.au/)

DISCLAIMER for General Advice: (This document is for general advice only).

This document is provided by Laverne Securities Pty Ltd T/as Laverne Investing. Laverne Securities Pty Ltd, CAR 001269781 of Laverne Capital Pty Ltd AFSL No. 482937.

The material in this document may contain general advice or recommendations which, while believed to be accurate at the time of publication, are not appropriate for all persons or accounts. This document does not purport to contain all the information that a prospective investor may require.  The material contained in this document does not take into consideration an investor’s objectives, financial situation or needs. Before acting on the advice, investors should consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation, and needs. The material contained in this document is for sales purposes. The material contained in this document is for information purposes only and is not an offer, solicitation or recommendation with respect to the subscription for, purchase or sale of securities or financial products and neither or anything in it shall form the basis of any contract or commitment. This document should not be regarded by recipients as a substitute for the exercise of their own judgment and recipients should seek independent advice.

The material in this document has been obtained from sources believed to be true but neither Laverne and Banyan Tree nor its associates make any recommendation or warranty concerning the accuracy or reliability or completeness of the information or the performance of the companies referred to in this document. Past performance is not indicative of future performance. Any opinions and or recommendations expressed in this material are subject to change without notice and, Laverne and Banyan Tree are not under any obligation to update or keep current the information contained herein. References made to third parties are based on information believed to be reliable but are not guaranteed as being accurate.

Laverne and Banyan Tree and its respective officers may have an interest in the securities or derivatives of any entities referred to in this material. Laverne and Banyan Tree do and seek to do business with companies that are the subject of its research reports. The analyst(s) hereby certify that all the views expressed in this report accurately reflect their personal views about the subject investment theme and/or company securities.

Although every attempt has been made to verify the accuracy of the information contained in the document, liability for any errors or omissions (except any statutory liability which cannot be excluded) is specifically excluded by Laverne and Banyan Tree, its associates, officers, directors, employees, and agents.  Except for any liability which cannot be excluded, Laverne and Banyan Tree, its directors, employees and agents accept no liability or responsibility for any loss or damage of any kind, direct or indirect, arising out of the use of all or any part of this material.  Recipients of this document agree in advance that Laverne and Banyan Tree are not liable to recipients in any matters whatsoever otherwise; recipients should disregard, destroy or delete this document. All information is correct at the time of publication. Laverne and Banyan Tree do not guarantee reliability and accuracy of the material contained in this document and are not liable for any unintentional errors in the document.

The securities of any company(ies) mentioned in this document may not be eligible for sale in all jurisdictions or to all categories of investors. This document is provided to the recipient only and is not to be distributed to third parties without the prior consent of Laverne and Banyan Tree.

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India to Launch its own digital currency in 2022-23

The Reserve Bank of India (RBI) intimated in October 2021 that it had got approval for a modification to the Reserve Bank of India Act 1934 that would broaden the definition of bank note to include CBDCs. The central government has emphasised the potential benefits of CBDCs, claiming that they will lessen reliance on fiat currencies.

In another major announcement, Sitharaman said that all income from the transfer of virtual digital assets will be taxed at 30%. This will impact gains from cryptocurrencies and NFTs.

She further highlighted that no deduction will be allowed for expenditure undertaken on its acquisition. The loss from transfer of virtual digital assets cannot be set off against any other income.

The Finance Minister also proposed to provide for TDS on payment made in relation to transfer of virtual digital assets at the rate of 1 percent of such consideration above a monetary threshold. Gift of virtual digital assets has also been proposed to be taxed in the hands of the recipient.

India’s crypto industry had several demands, including that the government classify cryptocurrencies, provide clarity on taxation and establish a self-regulatory framework shaped by the crypto industry.

Many countries have rolled out their CBDCs recently. Nigeria launched eNaira in October last year. The Bahamas and five other islands in the East Caribbean have also rolled out their digital currencies.

(Source: The Financial Express)

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Asia‘s first crypto ETF on the card, to be launched in India by Torus Kling blockchain

Torus Kling Blockchain IFSC, a joint venture between Mumbai-based Cosmea Financial Holdings and Hyderabad-based Kling Trading India, and the Bombay Stock Exchange’s (BSE) international branch, India INX, have signed a memorandum of understanding (MoU) to create digital asset-based products in India.

GIFT city’s IFSC will be used to trade the product (International Financial Services Centre). This will be done in a “sandbox” environment made feasible by the International Financial Services Centres Authority (IFSCA), which is in charge of regulating financial centres within SEZs (Special Economic Zones).Regulatory sandboxes are testing grounds for live trials of new fintech goods or services that are currently not subject to any regulatory oversight, in a controlled environment and under close supervision, with the goal of balancing product innovation and consumer protection.

Post obtaining all regulatory approvals, Indian investments in the ETF will be streamlined through RBI’s liberalised remittance scheme. The trading is expected to be allowed through a regular investment account, bypassing the risks associated with cryptocurrency exchanges.

Torus Kling Blockchain, which will also handle global distribution, is aiming for $1 billion in assets under management (AUM) from consumers that participate in these blockchain-backed products through ETFs and Discount certificates in the first two years.

This follows the lead of US regulations, which approved a Bitcoin Futures ETF last year, and the approval of Bitcoin and Ethereum spot ETFs to be listed on the Toronto Stock Exchange by Canadian financial regulatory authorities.

Crypto ETFs allow an investor to track cryptocurrency returns without having to invest in the digital tokens themselves, thereby circumventing the hassles and concerns associated with usual cryptocurrency exchanges.

(Source: The Times of India, Moneycontrol)

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Wallmart plans to enter the metaverse with crypto and NFTs

The retail behemoth would be the latest corporation to enter the nascent market of virtual worlds, sometimes known as the metaverse. Offering digital replicas of products in the form of NFTs through virtual, metaverse experiences, all paid for with a Walmart token, may be one example.

Walmart plans to expand into digital assets and virtual experiences, according to at least three applications with the USPTO on Dec. 30.

The trademark filings include the provision of a Walmart virtual currency, in addition to cryptocurrency exchange services using blockchain technology. A separate application to the USPTO describes downloadable software for uses ranging from e-commerce to augmented reality as well as managing a portfolio of cryptocurrencies.

Another filing details the possibility of a virtual reality game or online retail service featuring a marketplace of digital goods authenticated by NFTs. These goods could range from  home appliances to sporting goods, beauty products, patio furniture, and musical instruments—all listed in the trademark application.

All of these cryptocurrencies are non-fungible tokens (NFTs). NFTs are an option for Walmart’s digital offering. This ensures that the ownership of these items is documented on the blockchain. Such records are both timeless and enticing to a new generation of listeners.

(Source: The street)

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AUD/USD: Sour sentiment directs sellers towards 0.7200 ahead of China GDP

The Aussie pair’s slump the previous day could be linked to the overall rally in the US dollar backed by the increased chatters over Fed rate hike, as well as the virus woes. It’s worth noting the market’s caution ahead of China’s key economic data.

The US dollar cheered the last dose of the Fed comments before the policymakers sealed the blackout period ahead of next week’s Federal Open Market Committee (FOMC) meeting.

Federal Reserve Bank of New York President John Williams said Fed is approaching a decision to begin raising interest rates.

Further, US Retail Sales for December printed -1.9% MoM figure versus 0.0% expected and +0.2% prior. Further, the Michigan Consumer Sentiment Index for January also eased to 68.8 versus 70 forecasts and 70.6 previous readouts. The details also suggest that the highest inflation in 40 years weighs on consumer behavior.

It should be noted that Australia’s most populous state New South Wales (NSW) reported the biggest daily covid-linked deaths on Friday with 29 deaths, recently easing to 17 cases. Even so, Australian health authorities are confident NSW will see a plateau in its COVID-19 hospitalizations next week, as the state’s numbers track “better than the best-case scenario” predicted.

Moving on, China’s headline economics will be crucial for the AUD/USD traders ahead of Thursday’s Australia jobs report. That said, China’s Q4 2021 GDP is expected to rise 1.1% QoQ versus 0.2% prior while the Retail Sales may ease to 3.7% versus 3.9% for December. Additionally, Industrial Production for the said month is likely to have softened to 3.6% versus 3.8% YoY.

(Source: FXStreet)

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BetaShare Crypto Innovators: The First ASX crypto ETF make history on debut

BetaShares Crypto Innovators (CRYP) has broken trading records on its debut. After opening at $11.23 per unit the newly minted ETF finished the day at $11.19 per unit having climbed 11.19 per cent.

CRYP saw more than $8 million change hands in less than 15 minutes. By midday, trading volumes had soared to $24.5 million.

 The fund doesn’t directly invest in cryptocurrencies or digital assets, it invests in companies involved in those sectors, tracking the Bitwise Crypto Industry Innovators Index. CRYP’s index is intended to cover the complete range of the crypto ecosystem by offering exposure to pure-play crypto enterprises, companies with at least 75 percent of their balance sheets invested in crypto-assets, and diversified corporations with crypto-focused business lines. Its largest holding is in Silvergate Capital, followed by Marathon Digital Holdings and Galaxy Digital, which together represent just over one-third of CRYP’s total portfolio.

Cryptocurrency exchange platform Coinbase, bitcoin mining company Riot Blockchain, and business analytics provider Microstrategy are among CRYP’s holdings.

BetaShares said its portfolio has a year-to-date performance of nearly 133 per cent, with monthly performance of 28 per cent. In its information pack, however, the company said investment in CRYP should be considered “very high risk.”

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Omicron crypto surges over 200% after being named as new Covid-19 variant

Shortly after the World Health Organization (WHO) named Omicron as the new variant of concern for the recent mutation first found in Africa, investors fled to the new meme cryptocurrency Omicron (OMIC). 

The Omicron cryptocurrency gained 231% in the past 24 hours and reached an intraday’s high at $689. Despite the rising popularity of the coronavirus-themed coin, the market capitalization of OMIC remains unknown and only $496,407 was traded in the past day.

The Omicron token powers a decentralized reserve currency protocol on the Arbitrum Network, backed by a basket of assets, including USD coin (USDC) and liquidity provider tokens tied to MIM (Magic Internet Money).

The token was created in early November as a fork of OlympusDAO on the Arbitrum network and its protocol relies on stakers and bonders to ensure a return over a specified period of time. 

The Omicron token could continue surging if investors contribute to its yield farm by depositing funds within its protocols. Roughly $700,00 has been deposited within its protocols, which led to annual yields of around 70,000% for stakers unless the developers back out of the project.

According to the crypto project’s official documentation, the digital asset was created a few weeks before the World Health Organization named the variant Omicron. The project’s initial announcements do not mention anything about the coronavirus.

Omicron appears to be only available for purchase through decentralized exchange SushiSwap. Centralized exchanges have not started to support trading of the OMIC token yet.

(Source: FXStreet.com)

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AUD/USD stays depressed at five-week low due to macroeconomic factors

The Aussie pair slumped during the last three days, as the negative Australian employment figures pushed the pair’s latest downside amid the US bank holiday. This was further deteriorated by the talks concerning a likely monetary policy divide between the Reserve Bank of Australia (RBA) and the US Federal Reserve (Fed), as well as the US-China phase 1 deal and Evergrande.

The following graph shows the AUD/USD trend of past 06 months:

Although AUD/USD bulls were trading downwards on account of October month contraction in Australia Employment change and a six-month high Unemployment Rate, they gained a little momentum as the Aussie jobs report showed a vast gap between market forecasts and actual data. The same enables the RBA (Reserve Bank Of Australia) to reiterate its rejection of the rate hike, also citing the inflation figures which are still expected to be ranging between the 2.0% and 3.0% target. On the contrary, the 31-year high US inflation puts the rate hike on the Fed’s platter. Hence, the US Dollar Index (DXY) has this key reason to aim for a fresh high since July 2020 and extend the last two-day uptrend.

Other than the central bank actions, downbeat forecasts concerning the economic growth of Australia’s largest customer China also weighed on the AUD/USD pair, majorly due to credit crisis for real-estate companies and power cut problems.

(Source: FXStreet)

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SBI Holdings to launch Japan’s first crypto asset fund;investors bullish on XRP

According to a report by Bloomberg, SBI intends to launch a fund that will invest in Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin.

The fund, according to Tomoya Asakura, President of SBI affiliate Morningstar Japan K.K., would be geared at investors who are familiar with crypto assets and their volatility. Investors may need to invest anywhere from $9,100 (1 million yen) to $27,200 (3 million yen).

 According to the report, SBI wants to launch the first crypto asset fund by the end of November, with a second crypto asset fund to follow depending on performance. Asakura also alluded to SBI creating a separate crypto fund for institutional investors if the interest was high enough.

SBI had intended to launch its crypto fund as an investment trust, which is a common way to invest in Japan. However, the Financial Services Agency (FSA), the country’s primary financial regulator, has prohibited corporations from selling crypto investments using this way. After that, the corporation modified its approach and will now offer its crypto fund to investors through an “anonymous collaboration.” Due to Japan’s strict laws, it took the company more than four years to get the fund up and running.

The SEC vs. Ripple case takes another turn, making investors bullish on XRP.

  • The Securities and Exchange Commission announced on 22 Dec,2020 that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.
  • Ripple Holdings is still the largest public holder of XRP, and the payments giant is facing legal action. Since December 2020, this has had a persistent negative influence on the price of the native asset XRP.
  • Recently, in the ongoing litigation, both Ripple and the SEC admit that Ripple owes no fiduciary duty to XRP holders. As a result, the XRP army is prepared to advocate for its own interests in the lawsuit.
  • This indicates that the XRP community has stepped up to protect the altcoin from unfavourable price impact.
  • Following a flash meltdown that saw the global crypto market value drop, the XRP price recovered primarily  due to a spike in on-chain activity. XRP price rose 10% following a slight reversal, according to data from Santiment, a behavioural analytics platform, as address activity intensified.
  • Further, positive developments in Ripple fuel the bullish narrative of XRP.
  • SBI Holdings (Strategic Business Innovator Group) is working on a cryptocurrency fund that will invest in Bitcoin, Ethereum, Bitcoin Cash, and XRP. The announcement of the fund by the Japanese financial behemoth is a positive move for Ripple and is expected to boost the utility of the native asset XRP.

 (Source:FXStreet, https://news.bitcoin.com)

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